Prosecutors have also accused Cameron Collins of tipping off his fiancee, his fiancee's parents and a friend. Collins reportedly surrendered to the Federal Bureau of Investigation.
Each of the defendants are charged with seven counts of securities fraud and one count each of wire fraud, making false statements, conspiracy to commit securities fraud and conspiracy to commit wire fraud.
Cameron Collins and Stephen Zarsky, 66, are also accused of lying to the Federal Bureau of Investigation.
According to the indictment, Collins, a member of Innate's board of directors and one of its largest shareholders, had access to non-public information about the development of MIS416.
Collins was attending a congressional picnic at the White House when he got the email.
The company's CEO emailed Collins and other Innate directors on June 22, 2017, to say the drug had failed.
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At 7:10, Collins responded by email to the CEO saying "Wow".
The trades allowed Cameron Collins, Zarsky and others "to avoid over $768,000 in losses that they would have otherwise incurred" if they sold the stock after the announcement, according to the indictment.
Cameron Collins and his fiancé then drove to Zarksy's house, arriving at 9.17pm. That evening, the girlfriend's mother placed an order to sell her shares; early the next morning, Cameron Collins, his girlfriend and her father began selling their shares, the SEC complaint states. Cameron also told a friend about the drug trial, and Zarsky told three additional friends.
This scandal drives home that MOCs sit in unique positions of power to manipulate the market for personal gain - be it insider trading or promoting policies that affect their own fortunes.
Prosecutors say Chris Collins told his son in that phone call about the failed drug trial. On the next trading day, the company's stock plunged 92 percent.
Attorneys for Mr. Collins, who was arrested Wednesday and charged with illegally sharing inside tips about an Australian biotech company, said the congressman denies the allegations and will be exonerated.
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Collins, who was first elected in 2012, is now running for a fourth term.
McMurray issued a statement saying the charges underscore the need for new leadership in the 27th Congressional District.
Chris Collins, pictured here nominating Donald Trump as the Republican presidential candidate in 2016. Collins pointed to his own experience as a private sector businessman and said he viewed Trump as "the guy that has been signing the front of a pay check and not the back".
According to the documents, the congressman did not make trades himself, because he was under investigation by the Office of Congressional Ethics and his shares were traded on the Australian stock exchange, which had halted trading in Innate stock.
In a report dated October 12, 2017, the OCE recommended that the Committee on Ethics of the United States House of Representatives "further review the above allegation because there is a substantial reason to believe that Representative Collins took official actions or requested official actions that would assist a single entity in which he had a significant financial interest, in violation of House rules and standards of conduct".
House Speaker Paul Ryan said the allegations demand a "thorough investigation". Insider trading is a clear violation of the public trust.
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But he stopped short of a harsh reprimand, stating only that Collins will be removed from the House Energy and Commerce Committee.